“To date, Know Your Customer (KYC) software has been more developed than Know Your Business (KYB). Much of the subcomponents and data from the KYB process overlaps with KYC. This is particularly true for businesses attempting to serve SMBs:
- Since most components of sole proprietorship registration are entirely self-reported by an individual, they require more extensive KYC checks.
- We’ll see more proprietaryAnalytics and identifiers. Many leading KYC startups aggregate hundreds of disparate data sources to provide comprehensive coverage, but few have been able to convert this data into a proprietary identifier.
- The identity verification players can vertically integrate by expanding more broadly into areas like onboarding and credit-related workflows.” – Seema-Amble and Marc Andrusko, Partners, Big Ideas in Tech for 2023 | Andreessen Horowitz
